6 - Vicat

EXAMINATION OF THE FINANCIAL POSITION AND RESULTS9.2. Comparison of the earnings for 2010 and 2009 99.2.2.2.3. Income statement United StatesChange(In millions of euros) 2010 2009 PublishedAt constantconsolidation scopeand exchange ratesConsolidated sales 168 187 - 10.0 % - 14.3 %EBITDA (6) 12 - 151.2 % - 148.7 %EBIT (37) (17) - 118.2 % - 107.8 %Consolidated sales in the United States declined by10.0 %, and 14.3 % at constant consolidation scopeand exchange rates. EBITDA fell by 151.2 %, 148.7 %at constant consolidation scope and exchange rates.Despite continuing efforts to reduce costs, underthe additional “Performance Plus” Plan, the EBITDAmargin on the operational sales contracted sharplydue to the combined effect of the limited drop in volumes,which stabilized towards the end of the year,and a very significant fall in selling prices in the SouthEast, and even more so in California.9.2.2.2.4. Income statement Turkey, Kazakhstan and India(In millions of euros) 2010 2009PublishedChangeAt constantconsolidation scopeand exchange ratesConsolidated sales 256 156 + 63.7 % + 23.2 %EBITDA 39 22 + 78.7 % + 43.0 %EBIT 18 8 + 137.1 % + 103.5 %Consolidated sales in Turkey rose by 33.4 % and 23.2 %at constant consolidation scope and exchange rates.EBITDA increased by 46.4 % at constant consolidationscope and exchange rates. Overall, the EBITDAmargin in Turkey (excluding Kazakhstan and India)improved considerably, rising from 14.9 % in 2009 to17.7 % in 2010. This rise was the result of an increasein volumes and prices in an economic environmentthat is showing a strong recovery.For the first time the region’s business benefited fromthe consolidation with effect from May 1, 2010 of thecompany Bharathi Cement in India. This inclusion inthe consolidation scope added sales of € 47.3 millionover 8 months in 2010. It should be rememberedthat 2010 was a year in which the first productionline of Bharathi Cement gained in market share andprovided more industrial might. Given the increasedindustrial and commercial power, the EBITDA margingenerated by this business was relatively modest.9.2.2.2.5. Income statement Africa and Middle EastChange(In millions of euros) 2010 2009 PublishedAt constantconsolidation scopeand exchange ratesConsolidated sales 441 411 + 7.2 % + 5.5 %EBITDA 202 153 + 31.5 % + 29.0 %EBIT 165 123 + 34.1 % + 31.3 %2010 registration document VICAT 79